Monaco Population: 30,581

The Genoese built a fortress on the site of present day Monaco in 1215. The current ruling GRIMALDI family first seized temporary control in 1297, and again in 1331, but was not able to permanently secure its holding until 1419. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, splendid scenery, and gambling facilities have made Monaco world famous as a tourist and recreation center.

conventional long form: Principality of Monaco conventional short form: Monaco local long form: Principaute de Monaco local short form: Monaco etymology: founded as a Greek colony in the 6th century B.C., the name derives from two Greek words "monos" (single, alone) and "oikos" (house) to convey the sense of a people "living apart" or in a "single habitation"

none; there are no first-order administrative divisions as defined by the US Government, but there are 4 quarters (quartiers, singular - quartier); Fontvieille, La Condamine, Monaco-Ville, Monte-Carlo; note - Moneghetti, a part of La Condamine, is sometimes called the 5th quarter of Monaco

Independence:

1419 (beginning of permanent rule by the House of GRIMALDI)

National holiday:

National Day (Saint Rainier's Day), 19 November (1857)

Constitution:

history: previous 1911 (suspended 1959); latest adopted 17 December 1962 amendments: proposed by joint agreement of the chief of state (the prince) and the National Council; passage requires two-thirds majority vote of National Council members; amended 2002 (2016)

Legal system:

civil law system influenced by French legal tradition

Suffrage:

18 years of age; universal

Executive branch:

chief of state: Prince ALBERT II (since 6 April 2005)

head of government: Minister of State Serge TELLE (since 1 February 2016)

cabinet: Council of Government under the authority of the monarch elections/appointments: the monarchy is hereditary; minister of state appointed by the monarch from a list of three French national candidates presented by the French Government

Legislative branch:

description: unicameral National Council or Conseil National (24 seats; 16 members directly elected in multi-seat constituencies by simple majority vote and 8 directly elected by proportional representation vote; members serve 5-year terms)

elections: last held on 10 February 2013 (next to be held in February 2018)

highest court(s): Supreme Court (consists of 5 permanent members and 2 substitutes) judge selection and term of office: Supreme Court members appointed by the monarch upon the proposals of the National Council, State Council, Crown Council, Court of Appeal, and Trial Court

name: "A Marcia de Muneghu" (The March of Monaco) lyrics/music: Louis NOTARI/Charles ALBRECHT

note: music adopted 1867, lyrics adopted 1931; although French is commonly spoken, only the Monegasque lyrics are official; the French version is known as "Hymne Monegasque" (Monegasque Anthem); the words are generally only sung on official occasions

the US does not have an embassy in Monaco; the US Ambassador to France is accredited to Monaco; the US Consul General in Marseille (France), under the authority of the US ambassador to France, handles diplomatic and consular matters concerning Monaco

Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a banking center and has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. Living standards are high, roughly comparable to those in prosperous French metropolitan areas. The state has no income tax and low business taxes and thrives as a tax haven both for individuals who have established residence and for foreign companies that have set up businesses and offices. Monaco, however, is not a tax-free shelter; it charges nearly 20% value-added tax, collects stamp duties, and companies face a 33% tax on profits unless they can show that three-quarters of profits are generated within the principality. Monaco was formally removed from the OECD's "grey list" of uncooperative tax jurisdictions in late 2009, but continues to face international pressure to abandon its banking secrecy laws and help combat tax evasion. In October 2014, Monaco officially became the 84th jurisdiction participating in the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an effort to combat offshore tax avoidance and evasion. Monaco's reliance on tourism and banking for its economic growth has left it vulnerable to a downturn in France and other European economies which are the principality's main trade partners. In 2009, Monaco's GDP fell by 11.5% as the euro-zone crisis precipitated a sharp drop in tourism and retail activity and home sales. A modest recovery ensued in 2010 and intensified in 2013, with GDP growth of more than 9%, but Monaco's economic prospects remain uncertain, and tied to future euro-zone growth.

$1.115 billion (2011) $684.9 million (2010) note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France

Exports - commodities:

Exports - partners:

Europe 73.2%, Africa 14.6%, America 5.2%, Asia 4.9% (2013 est.)

Imports:

$1.162 billion (2011) $850.2 million (2010) note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France

international: country code - 377; no satellite earth stations; connected by cable into the French communications system (2015)

Broadcast media:

TV Monte-Carlo operates a TV network; cable TV available; Radio Monte-Carlo has extensive radio networks in France and Italy with French-language broadcasts to France beginning in the 1960s and Italian-language broadcasts to Italy beginning in the 1970s; (2012)